News Blog

Premium Rates for Motor Third Party Liability Insurance Cover for FY 2016-17

Mon, Mar 28, 2016General Insurance

The Authority hereby refers to its notification no. IRDA/NL/NTFN/MOTP/066/04/2011 dated 15th April 2011 whereby the Authority decided to review the premium rates for motor third party insurance covers annually using the specified formula

With a Rs 330-crore insurance cover, Rajinikanth sets another record with Robot 2 Read more at: http://economictimes.indiatimes.com/articleshow/51465022.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Sat, Mar 19, 2016General Insurance

MUMBAI:Forthcoming Rajinikanth star vehicle 2.0 or Enthiran 2 (Robot 2) has been tipped as India's most expensive film ever. Set for release next year, it's already set a record in insurance cover for an Indian movie— Rs 330 crore, surpassing Rs 300 crore for PK (2014), starring Aamir Khan, said two people involved in writing the policy. State-run New India Assurance, Oriental Insurance and United India Insurance will underwrite the production, they said. When the film goes into the cinema halls, total insurance amount will double— distribution cover will equal that on production, they said.
Remuneration for the top four stars of film, which is being made in Tamil and possibly other languages, is also among the highest at Rs 150 crore. Apart from the Tamil star, they include Akshay Kumar and Amy Jackson, who takes over from Aishwarya Rai, who was the heroine of Enthiran. S Shankar will direct again.
"This is the highest ever insured movie after Aamir Khan starrer PK and Salman Khan's Kick," said Sumant Salian, business head, media and entertainment, Alliance Insurance Brokers. "Insurance cover for Robot 2 would double when the movie is ready and it goes for distribution."
State-run general insurance companies have a penchant for movies with star casts as the risk of them flopping are low. Producers are increasingly opting for insurance to protect themselves against projects getting delayed because of star tantrums and other unforeseen reasons.
Insurance covers risk from preproduction till the first copy of the movie. Various contingencies such as shoot cancellation, property risk, personal accident and thirdparty liabilities are also covered. Production insurance covers loss of life or property on film sets. The media liability policy is a kind of errors and omissions liability insurance, mainly insuring against legal issues arising out of a movie's content. The policy also covers post-release issues as a result of riots or strike.
Film insurance has become a part of the movie-production process in the mainstream Indian film industry as costs have increased.

Telangana starts recognition of e-Motor Insurance policies

Sat, Jan 2, 2016General Insurance

The Telangana government today started the recognition of 'e-Motor Insurance policies' in the state, in collaboration with the Insurance Regulatory and Development Authority of India and the Insurance Information Bureau of India (IIB).
The state’s Information Technology Minister K T Rama Rao formally launched the initiative, an official release said.
“It is expected that electronic motor insurance policies would help in the issuance of policies at the doorstep of the vehicle owners.
“These policies can be issued online across the country, thus paving the way for a host of benefits like faster issuance, removal of fraud, higher customer satisfaction, elimination of revenue leakages, analytics and so on,” it said.
The e-motor insurance policy would be issued in a digital format, which can be seen in any smartphone. A Quick Response Code would also be issued, that can be scanned for verification of policy details, it added.
“Telangana is the first state in the country to formally recognize electronic motor insurance policies. This measure is likely to add to the citizens’ convenience and also improve the compliance levels of motor insurance,” the statement said.